TXSE Listing Migration Impact & Compliance Analyzer

Primary Recommendation

Texas Stock Exchange (TXSE)

Venue listing profile matches governance criteria

Compliance Score

94%

High readiness for Form 8-K transfer

Est. Annual Listing Fees

$65,000

Est. savings vs NYSE: $85,000 / yr

Regulatory Filing Type

Form 8-K & SEC Listing Transfer Notification

SEC Rule 12d2-2 / Exchange Notice

Eligible Exchanges

TXSE, NYSE, NASDAQ

Meets quantitative market & holder tiers

Issuer Parameters SEC Standard

Company Legal Name

Ticker Symbol

Current Listing

Market Capitalization ($ Millions)

$9,500M

Round-Lot Shareholders (Holders >= 100 shares)

TXSE standard: min 400 round-lot holders.

Corporate Headquarters / Domicile

Governance & Charter Provisions

Fully Independent Audit Committee (SEC 10A-3) Anti-Takeover / Business Combination Safeguards Adopted Executive Code of Ethics & Conduct Quorum >= 33.33% for Shareholder Meetings

Regulatory transfer verification against Texas Stock Exchange (TXSE), SEC, and incoming bourse standards:

Regulatory Timeline: Exchange transfer requires simultaneous SEC Form 8-K disclosure under Item 3.01 (Notice of Delisting or Failure to Satisfy a Continued Listing Rule) followed by Form 25 delisting certification. Dual-listing grace period typically spans 10 calendar days.

Annual continuous listing fee schedules and market-making liquidity incentives compared across primary US bourses:

Listing Venue	Base Annual Listing Fee	Transfer / Initial Fee	Net First Year Cost

Annual Listing Cost Comparison (Estimated)

*TXSE fees model published introductory tiers designed to offer competitive liquidity incentives and streamlined listing overhead for mid and large-cap issuers.

Authority & Background: Inspired by high-profile corporate primary transfers from NYSE to the Texas Stock Exchange (TXSE) including Dillard's Inc. (NYSE: DDS). Evaluated under SEC Rule 12d2-2 delisting procedures and TXSE national securities exchange standards. Research date: September 2026.